Businesses of all shapes and sizes are faced with the challenge of handling large cash deposits. But unfortunately, many of these businesses don’t have a detailed cash management plan established for their employees.
Retailers, service stations, restaurants, bars, hotels, and entertainment venues are all responsible for securing large amounts of cash as a normal part of business. Here we take a look at a few ways that businesses can safely and efficiently transport money earned to a bank for deposit and best practices for tracking those deposits.
There are pros and cons to both electronic deposits and manual deposits, so the decision to embrace paper or digital funds is a highly personal one for business owners.
With electronic deposits, you eliminate the inconvenience of time-consuming trips to the bank, but you also run the risk of online fraud and identity theft. On the other hand, manual deposits keep your money away from internet hackers but you must be able to trust your employees to safely deliver cash to the bank. Without proper security measures in place, you run the risk of armed hold-ups and robbery.
Proper employee training should be provided to help employees manage cash, and procedures should be in place to hold employees accountable for this responsibility. Work with your team to minimize risks by imposing cash limits, planning transportation routes and times, establishing confidentiality, and seeking support after an incident.
Depending on the amount of cash you need to transport on a regular basis, you may want to use a trusted security transport company to handle the task. If this is not practical or feasible for your business, choose a bank near your place of business and change the routes and times that bank trips are made to reduce predictability.
Choose different employees, rather than the same one every time, to make trips to the bank for deposits and send two employees per trip if possible. Money should never be left overnight in a car or taken home with an employee for deposit in the morning to prevent theft.
No matter what type of business you run, there are some general best practices for businesses owners to facilitate tracking and deposits of their hard-earned money. It’s important to maintain an accurate chain of custody of who has been in possession of the cash and documentation of the amount of cash, location of the bank, and confirmation of deposit. Always get a receipt from your deposit, maintain a log of all financial dealings, and keep a close eye on your business bank account every day.
At Superior Bag, we carry a variety of secure cash in transit bags with detailed lines for information to keep track of all pertinent data. If you’re not exactly sure what your business needs to transfer cash, try our Cash in Transit Sample Pack with a variety of bags for bills and coins that are specially designed for businesses. Call us today at 800-522-1236 to learn more about how the right bags can keep your money secure and your business profitable.
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